The SEC on Wednesday adopted rules jointly with the Commodity Futures Trading Commission (CFTC) that require broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the SEC to adopt programs to prevent identity theft. SEC Chairman Mary Jo White, who was sworn in Wednesday, cast a vote in
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Accounting & reporting
Senate confirms ex-prosecutor White as SEC chairman
The Senate on Monday confirmed the nomination of Mary Jo White as chairman of the SEC. White, a former prosecutor who was the first woman to hold the venerated position of U.S. attorney for the Southern District of New York, brings a pedigree that could raise the SEC’s reputation for
Iowa’s auditor of state, David Vaudt, named GASB chairman
David Vaudt, who has been Iowa’s state auditor since January 2003, has been named GASB’s new chairman. Vaudt, 59, will take his post on July 1 following the retirement of current chairman Robert Attmore. In Vaudt’s current position, he is responsible for auditing Iowa’s comprehensive annual financial report and single
Proposal seeks proper ingredients in federal financial reporting
New standards proposed by the Federal Accounting Standards Advisory Board (FASAB) are designed to make sure the appropriate agencies and organizations are included in the federal government’s financial reporting. Under the proposed standards, the governmentwide general purpose federal financial report (GPFFR) would include organizations that are: Budgeted for by elected
SEC describes how social media can be used to distribute company info
U.S. public companies can use social media to make company announcements as long as they inform investors of the channels they will use to distribute the information, according to a new pronouncement by the SEC. The SEC on Tuesday released a report that makes it clear that companies can use
New FASB discontinued operations proposal aims for relevance
Investors told FASB that current GAAP calls too often for disposals of assets to be presented as discontinued operations. FASB has responded to those concerns by issuing a proposal that would redefine “discontinued operation” in such a way that discontinued operations disclosures would be required only for disposals that are
Financial reporting
The Private Company Council (PCC) is forging ahead with more in-depth analysis of three of the four issues it initially identified as candidates for possible GAAP exceptions or modifications for private companies. During the newly created PCC’s second meeting, the council added the three items to its agenda for
Financial reporting / International
The IFRS Foundation’s departure from requirements initially proposed in November could clear the way for FASB membership in a new global forum of national and regional standard setters. Promoting IFRS adoption will not be a prerequisite for standard setters to participate in a new forum the IFRS Foundation is
FASB provides more time to compare credit loss proposals
FASB on Thursday voted to extend to May 31 the deadline for comments on its Proposed Accounting Standards Update (ASU), Financial Instruments—Credit Losses (Subtopic 825-15). The comment period originally was scheduled to end April 30. In comment letters, a handful of organizations asked FASB to extend the comment period to
IASB proposes simplified accounting for certain defined benefit contributions
An International Accounting Standards Board (IASB) proposal published Monday is designed to simplify certain aspects of accounting for contributions to defined benefit plans under IAS 19, Employee Benefits. The proposed amendments were created in response to concerns about the complexity of applying requirements related to accounting for contributions from employees
FASB gives more detail on expected credit loss proposal
FASB is providing additional explanation of a proposal in one of its most challenging projects. A 16-page FAQ document posted on FASB’s website Monday is designed to educate those interested in the standard the board is developing on expected credit losses in its financial instruments project. The Proposed Accounting Standards
FASB among 12 participants in IASB advisory forum
FASB is one of 12 national and regional standard setters that will participate as an inaugural member of a group that has been formed to provide technical advice to the International Accounting Standards Board (IASB). The group, known as the Accounting Standards Advisory Forum (ASAF), was formed to improve cooperation
New AICPA not-for-profit guide available
A new, greatly enhanced AICPA audit and accounting guide, Not-for-Profit Entities, is available in ebook form. The AICPA Auditing Standards Board (ASB), Financial Reporting Executive Committee (FinREC) and Not-For-Profit Guide Task Force have revised the guide, making significant enhancements to improve user understanding and minimize diversity in practice. Enhancements include:
IASB’s financial instruments impairment proposal differs from FASB’s
In a convergence project that has experienced divergence, the International Accounting Standards Board (IASB) on Thursday published its proposed financial instrument impairment standard. Although the IASB and FASB agreed that it is time to move from an incurred loss model to a more forward-looking expected loss model, they could not
FASB amendments clarify derecognition of foreign asset guidance
FASB amended financial reporting standards to resolve diversity in practice related to financial reporting involving the narrow issue of a parent entity’s accounting for the cumulative translation adjustment of foreign currency into net income upon derecognition of foreign subsidiaries or assets. The amendments are contained in Accounting Standards Update (ASU)
FASB will review business segment reporting concerns
Although a post-implementation review of FASB’s standard on business segment reporting was mostly favorable, FASB announced Wednesday that it will consider whether additional review is needed and will meet with stakeholders and SEC staff to discuss concerns raised during the review. The Financial Accounting Foundation (FAF) post-implementation review released in
FASAB proposes property, plant, equipment implementation guidance
A Federal Accounting Standards Advisory Board (FASAB) committee is seeking comments on its proposed implementation guidance for financial reporting on general property, plant, and equipment cost accumulation, assignment, and allocation. The release of the exposure draft was announced Friday by Wendy Payne, who chairs FASAB’s Accounting and Auditing Policy Committee
FAF review affirms GASB deposit and investment risk standards
A Financial Accounting Foundation (FAF) review has affirmed the effectiveness of GASB standards established to improve state and local government financial reporting for deposit and investment risk, and repurchase and reverse repurchase agreements. FAF announced Thursday the results of the post-implementation review of two GASB statements. The FAF team reviewed:
New agenda process seeks transparency for FASB, GASB
A more collaborative agenda-setting process for FASB and GASB was approved Tuesday by the Financial Accounting Foundation (FAF) board of trustees. Decisions regarding project plans, agenda setting, and priority of projects at FASB and GASB now will be approved by a majority vote of the respective boards instead of by
Revenue recognition effective date gives time for systems changes
Businesses will have a longer-than-usual transition period between the issuance and the effective date of a new, converged revenue recognition standard. Entities will be required to apply the new standard for reporting periods beginning on or after Jan. 1, 2017, according to a summary of board decisions posted on FASB’s
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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